Board: The governing entity that manages the business of the land trust. The term ‘board members’ is used interchangeably to refer to the administrators, governors, directors or trustees that compose the board.
Capacity: The ability to perform all the actions required to acquire and manage conservation land and manage other programs by having adequate human and financial resources and organizational systems in place.
Conflict of interest: A conflict of interest arises when an employee, director, officer, manager or other “insider,” is in a position, or perceived to be in a position, to be able to benefit personally (or to create a benefit to a family member or other organization with which he or she is associated) from a decision he or she could make or influence.
Conservation agreement: A legally binding agreement voluntarily entered into between a landowner and a land trust to restrict the use of subject real property to protect the conservation values of the property, and may include a servitude for the use and benefit of dominant land, a covenant or an easement.
Conservation values: The key values on a site that are the focus of protection efforts. Important conservation values are determined during property evaluation and project planning.
Enabling legislation: The collection of federal or provincial rules imposed by authority that gives appropriate officials the authority to implement or enforce the law.
GAAP: The Chartered Professional Accountants of Canada (CPA) issues Generally Accepted Accounting Principles (GAAP). CPA Canada Handbook: Standard and Guidance Collection provides standards for financial statements for Not-for-Profit Organizations.
Independent board member: Independent board member means an individual serving on a board who does not have a material or pecuniary relationship with the company or related persons.
Independent appraisal: An independent appraisal prepared in compliance with the Canadian Uniform Standards of Professional Appraisal Practice by a qualified appraiser who has verifiable conservation agreement or conservation real estate experience.
Insiders: Board and staff members, substantial contributors, parties related to the above within the meaning of the Income Tax Act (Canada), those who have an ability to influence decisions of the organization and those with access to information not available to the general public.
Land: Conservation properties held in fee simple ownership and any interest or right, including subsurface, surface, air, mineral, water and development rights and any other interests or rights in real property. Conservation agreements are excluded from this definition and are treated separately.
Land trust: A not-for-profit conservation organization that, as all or part of its mission, actively works to conserve land by acquiring land or conservation agreements (or assisting with their acquisition) and/or stewarding/managing land or conservation agreements. May include other types of conservation organizations, including federal, provincial or municipal entities.
Phase I assessment: A formal investigation conducted by a qualified environmental consultant or engineer into the presence or absence of hazardous and toxic materials on or near a property.
Policy: A written, board-adopted document specifying a course of action to guide and determine present and future decisions.
Preliminary environmental investigation: An informal investigation conducted by land trust staff, consultant or volunteer into the presence or absence of hazardous and toxic materials or other environmental threats on or near a property.
Private or undue benefit: A private benefit includes any part of the income, rights, property or resources of a land trust that comes to benefit, directly or indirectly, any member, director/trustee, staff member, or other person other than a reasonable compensation for property acquired or services rendered to the land trust. For registered charities, private benefits are called “undue benefits” and are prohibited.
Public benefit: In the context of the Canadian Land Trust Standards and Practices, serving the public interest is understood as benefitting the public in general or a sufficient segment of the public, as opposed to conferring private benefits to individuals, corporations or a limited group of persons.
Qualified donee: Under the Income Tax Act (Canada), qualified donees are organizations that can issue official donation receipts for gifts they receive from individuals and corporations. Registered charities can also make gifts to them.
Short narrative: A written estimation of a property’s value most often prepared by a qualified appraiser and occasionally prepared by a highly experienced real estate professional. A letter of opinion is not considered an acceptable type of appraisal.